Financial Performance - Net revenues for the third quarter of 2024 were $191.2 million, representing a 6% increase from $180.6 million in the same period of 2023[4]. - GAAP net income for the third quarter was $40.4 million, or $0.78 per share, compared to $49.2 million, or $0.91 per share, in the prior year[2]. - Adjusted non-GAAP net income was $49.6 million, or $0.96 per share, down from $61.9 million, or $1.15 per share, year-over-year[2]. - Total net revenues for the three months ended September 30, 2024, were $191,214, an increase of 6.1% compared to $180,556 for the same period in 2023[19]. - Product revenues for the same period reached $188,819, up 24.3% from $151,855 in the prior year[19]. - Net income for the three months ended September 30, 2024, was $40,429, down from $49,222 in the same period of 2023, representing a decrease of 17.5%[19]. - Basic net income per share for the three months ended September 30, 2024, was $0.83, compared to $1.01 for the same period in 2023[19]. - Adjusted non-GAAP net income for the nine months ended September 30, 2024, was $153,569 million, up from $128,823 million in the same period of 2023, representing an increase of about 19%[26]. - The company reported GAAP revenue of $258,237 million for the nine months ended September 30, 2024, compared to $211,309 million for the same period in 2023, indicating a growth of approximately 22%[28]. - Non-GAAP net income for the three months ended September 30, 2024, was $49,585 million, compared to $61,898 million in the same period of 2023, a decrease of around 20%[26]. Sales and Revenue Growth - BAQSIMI® sales reached $40.4 million, while Primatene MIST® sales increased by 5% to $26.1 million, trending towards a goal of $100 million in annual sales[5]. - Total finished pharmaceutical products net revenues increased by 27% to $187.4 million, driven by higher sales volumes[4]. - The company anticipates continued revenue growth from the integration of BAQSIMI® and plans to pivot towards high-value and high-growth market areas[17]. Expenses and Costs - Research and development expenses rose by 26% to $21.1 million, reflecting increased investment in insulin pipeline products[7]. - Operating expenses totaled $44,893 for the three months ended September 30, 2024, an increase of 25.7% from $35,725 in the same period of 2023[19]. - The gross profit margin decreased to 53.3% from 60.0% due to increased labor and component costs[6]. - The company incurred expenses related to the BAQSIMI® acquisition amounting to $2,182 million for the three months ended September 30, 2023[26]. - Share-based compensation for the nine months ended September 30, 2024, totaled $18,736 million, compared to $15,620 million for the same period in 2023, reflecting an increase of approximately 20%[26]. - Total costs of revenue for the nine months ended September 30, 2024, were $197,689 million, compared to $211,309 million for the same period in 2023[29]. Assets and Liabilities - Cash flow from operating activities for the nine months ended September 30, 2024, was $184.4 million[8]. - Cash and cash equivalents increased to $192,116 as of September 30, 2024, from $144,296 at the end of 2023[21]. - Total assets as of September 30, 2024, were $1,545,178, up from $1,512,912 at the end of 2023[22]. - The company reported a total of $159,010 in current liabilities as of September 30, 2024, compared to $225,407 at the end of 2023[20]. Shareholder Actions - A $50 million increase to the company's share buyback program was authorized to offset dilution from equity compensation programs[9].

Core Insights - Amphastar Pharmaceuticals (AMPH) is currently rated as a Zacks Rank 2 (Buy) and has a Value grade of A, indicating strong potential for value investors [2] - The PEG ratio for AMPH is 0.79, which is lower than the industry average of 1.09, suggesting that the stock may be undervalued relative to its expected earnings growth [2] - AMPH's P/B ratio stands at 3.40, which is attractive compared to the industry average of 3.98, indicating a favorable valuation based on book value [2] - The P/CF ratio for AMPH is 11.24, significantly lower than the industry average of 28.71, further supporting the notion that AMPH is undervalued based on its cash flow outlook [3] Valuation Metrics - PEG Ratio: AMPH's PEG ratio is 0.79, with a 52-week range of 0.53 to 0.97 and a median of 0.74 [2] - P/B Ratio: AMPH's P/B ratio is 3.40, with a 52-week range of 2.54 to 5.10 and a median of 3.28 [2] - P/CF Ratio: AMPH's P/CF ratio is 11.24, with a 12-month range of 8.34 to 19.33 and a median of 10.95 [3]

Core Viewpoint - Amphastar Pharmaceuticals (AMPH) has a strong history of beating earnings estimates and is well-positioned for continued success in upcoming quarterly reports [1][2]. Earnings Performance - Amphastar has surpassed earnings estimates by an average of 27.79% over the last two quarters [1]. - In the most recent quarter, the company reported earnings of $0.94 per share, exceeding the expected $0.78 per share by 20.51% [1]. - For the previous quarter, Amphastar's earnings of $1.04 per share surpassed the consensus estimate of $0.77 per share by 35.06% [1]. Earnings Estimates and Predictions - There has been a favorable change in earnings estimates for Amphastar, with a positive Zacks Earnings ESP (Expected Surprise Prediction) indicating potential for another earnings beat [2]. - Stocks with a positive Earnings ESP and a Zacks Rank of 3 (Hold) or better have a nearly 70% chance of producing a positive surprise [2]. Earnings ESP Metric - Amphastar currently has an Earnings ESP of +10.35%, suggesting that analysts have recently become more optimistic about the company's earnings prospects [3]. - The Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate, with the Most Accurate Estimate reflecting the latest analyst revisions [3]. Importance of Earnings ESP - The Earnings ESP is a crucial metric for predicting earnings performance, as it helps identify stocks likely to beat consensus estimates [4].

Company Overview - Amphastar Pharmaceuticals engages in the production and sale of generic and proprietary drugs, utilizing various administration methods including injectable, inhalation, and intranasal dosings [3] - The company is recognized for its over-the-counter inhalant, Primatene MIST, and is experiencing growth from its acquisition of BAQSIMI, the first nasally administered glucagon treatment for severe hypoglycemia [3] Financial Performance - Amphastar's net revenue has shown consistent growth, increasing from $438 million in 2021 to an estimated $745.6 million in 2023, with a projected rise to $819.4 million in 2024 [7] - Gross profit has also improved significantly, from $200 million in 2021 to an estimated $351 million in 2023, indicating a gross margin increase from 45.6% to 59.2% during the same period [7] - The company reported a diluted EPS growth from $1.25 in 2021 to an estimated $3.93 in 2023, with expectations of $4.32 in 2024 [7] Balance Sheet Strength - Amphastar maintains a solid balance sheet with cash and equivalents totaling $190 million and total assets of $1.5 billion [4] - The current ratio stands at 3.52, indicating good liquidity and flexibility to respond to market changes [5] - The price/book ratio is 3.02, higher than the sector median of 2.42, suggesting a need for monitoring [5] Market Position and Growth Prospects - The company has a strong track record in developing and commercializing new products, which is crucial for its growth [6] - Amphastar's P/E ratio is currently at 11.29, significantly below the sector median of 20.01, indicating potential value for growth investors [7] - Expectations for continued revenue and earnings growth are supported by improving margins and successful product launches [8]

Market Overview - The S&P 500 experienced an over 8% decline in a three-week selloff due to recession fears, with significant drops in the Tech (15%) and Consumer Discretionary (12%) sectors, while defensive sectors like real estate, staples, and utilities posted positive returns [1] - The market rebounded after CPI data showed inflation below the 3% consensus estimate, leading to expectations of Federal Reserve rate cuts starting in September [1] Investment Opportunities - Amid the selloff, a search for safer investments emerged, with the CBOE Volatility Index reaching pandemic-era levels, contrasting with the previous year's market greed [1] - Six stocks identified by Seeking Alpha Quant Ratings have shown strong investment fundamentals despite recent declines, with all having Buy or Strong Buy ratings and trading at attractive valuations [3][21] Company Highlights Carnival Corporation (CCL) - Market capitalization of $19.69 billion, with a Strong Buy rating and ranked 2nd in its industry [4] - CCL's stock fell over 15% in the past month despite strong fundamentals, including record Q2 results and significant growth in revenue (+34%) and operating cash flow (+516%) [4][5] - The company anticipates strong demand for 2025 sailings, indicating pricing power and a positive outlook for future growth [4] Trip.com Group Limited (TCOM) - Market capitalization of $27.35 billion, also rated Strong Buy [6] - Despite a 10% decline in the last 30 days, TCOM benefits from a booming travel season in China, with a 150% increase in foreign visitors and a 400% rise in inbound bookings [7][8] - TCOM's profitability is strong, with a gross profit margin of 80% and an EBIT margin of 26%, alongside a forward PEG of 0.29x, indicating an attractive valuation [8] Amphastar Pharmaceuticals, Inc. (AMPH) - Market capitalization of $2.21 billion, rated Buy [9] - AMPH's stock is up over 10% in the last 30 days but down 20% over the past year, with Q2 revenue growth of 25% YoY [9][11] - The company focuses on high-margin proprietary and biosimilar products, with a projected annual market size of over $13 billion [11] Corporacion America Airports S.A. (CAAP) - Market capitalization of $2.57 billion, rated Buy [12] - CAAP's stock is down approximately 10% in the past 30 days, affected by declining passenger traffic [12][15] - Despite recent challenges, CAAP has shown solid fundamentals with EPS growth of 108% in the trailing twelve months and projected FY24 EPS growth of 20% [15] Twilio Inc. (TWLO) - Market capitalization of $9.75 billion, rated Strong Buy [16] - TWLO's stock is up 4.5% in the last 30 days but down over the past year, with a strong earnings track record and 28 upward revisions in the last 90 days [16][17] - The company is positioned for growth through enhanced customer engagement solutions and is trading at a 68% discount to the sector based on a forward PEG of 0.59x [17] Sterling Infrastructure, Inc. (STRL) - Market capitalization of $3.52 billion, rated Strong Buy [18] - STRL's stock is down 13% in the last month but up 38% over the past year, with Q2 revenue beating expectations [18][20] - The company has a projected EPS growth of 26% in FY24, supported by a strong backlog and solid profitability metrics [20] Conclusion - The recent market selloff presents opportunities to acquire stocks with strong growth prospects and attractive valuations, as identified by Seeking Alpha [21]

Corporate Presentation August 2024 Highly Purified Peptide/Protein Injectables Inhalation Intranasal Biosimilar Interchangeable Proprietary Complex Generic Combination Products Forward Looking Statements This presentation and the accompanying oral presentation contain forward-looking statements, of Amphastar Pharmaceuticals, Inc. ("Amphastar", "we". "our" and that are based on our management's current expectations and assumptions and on information currently available to management. Forward-looking statemen ...

Financial Data and Key Metrics - Total revenues for Q2 2024 increased by 25% year-over-year to $182.4 million, driven by strong sales growth across key products [6] - Primatene MIST sales grew by 38% to $22.9 million, while Epinephrine sales surged by 67% to $27.9 million [6][12] - BAQSIMI achieved worldwide sales of $38.5 million, a 10% increase compared to the same period last year [5] - Gross margins improved to 52.2% from 49.9% in the previous year, supported by higher-margin products like BAQSIMI and Primatene MIST [16] - Net income increased by 45% to $37.9 million, or $0.73 per share, compared to $26.1 million, or $0.49 per share, in Q2 2023 [17] Business Line Performance - Primatene MIST is on track to meet the $100 million sales target by the end of 2024, with in-store sales growing by 14% year-over-year [6] - Epinephrine sales benefited from supplier shortages, with increased production capacity helping to meet demand [7][12] - Glucagon injection sales remained flat, with declines in the U.S. offset by growth in Canada [13] - Phytonadione sales decreased to $10.3 million due to increased competition, while Enoxaparin and Naloxone sales also declined [13] - Other finished pharmaceutical product sales decreased to $34.7 million, primarily due to a $4.6 million drop in medroxyprogesterone sales [13] Market Performance - BAQSIMI sales in the U.S. and Europe contributed $30.9 million in net revenues, with an additional $7.6 million from Lilly's distribution under a transition service agreement [14] - The company expects to transition more countries to its own distribution for BAQSIMI throughout 2024, which will increase product sales but reduce net economic benefits [15] - The Insulin API business saw sales increase to $3.5 million, up from $2.8 million last year [16] Strategic Direction and Industry Competition - The company is focused on transitioning from generics to higher-value products, including branded offerings, biosimilars, and complex products [10] - Amphastar is strategically enhancing manufacturing efficiencies to meet current and future market demand, particularly for Epinephrine and Primatene MIST [7] - The company is advancing its pipeline with three significant product approvals expected in the second half of 2024, including teriparatide (AMP-015), AMP-007, and AMP-002 [10] - The lawsuit filed by Teva regarding generic albuterol is being vigorously defended, with the company confident in its position [8] Management Commentary on Operating Environment and Future Outlook - Management highlighted the strong performance of BAQSIMI and Primatene MIST as key drivers of growth [5][6] - The company is optimistic about the second half of 2024, with potential product approvals expected to contribute significantly to revenue growth [10] - Management noted the importance of operational efficiencies and manufacturing enhancements in supporting long-term growth [11] Other Important Information - The company completed the first contract year of the five-year milestone payment agreement with Lilly for BAQSIMI, with cumulative sales of $163.2 million, below the threshold for milestone payments [15] - Research and development expenses increased by 5% to $17.7 million, driven by salary increases and the ANDA filing fee for AMP-018 [17] - The company repurchased $8.5 million worth of shares and paid down an $8 million mortgage during the quarter [19] Q&A Session Summary Question: Epinephrine franchise outlook and generic ProAir opportunity [22] - Epinephrine sales are expected to remain strong, with competitor shortages likely to persist until Q4 2024 [23] - Generic ProAir has been launched, with the company working to secure market share and increase packaging capacity over the next few quarters [25][26] Question: Pipeline updates on AMP-002, GLP-1 (AMP-018), and AMP-007 [28] - AMP-002 is nearing resolution with the FDA, with progress expected soon [29] - AMP-018 (GLP-1) is a Paragraph IV filing, with potential competition expected upon launch [29] - AMP-007 is also a Paragraph IV filing, with market competition details undisclosed for competitive reasons [29] Question: BAQSIMI's impact on gross margins and business development strategy [31][32] - BAQSIMI's transition to Amphastar's distribution will reduce gross margins due to higher cost of goods [33] - The company is actively pursuing business development opportunities, focusing on both in-development and market-ready assets [34] Question: REXTOVY performance and selling/marketing costs outlook [36] - REXTOVY is expected to have limited impact due to market competition, with a focus on government and first responder contracts [37] - Selling and marketing costs are expected to grow by 10% as the company expands its sales force and distribution efforts [39] Question: BAQSIMI sales growth drivers and country-by-country transition timeline [41][46] - BAQSIMI's sales growth was driven by unit volume, with pricing decreases in the U.S. offset by growth in other markets [42] - The transition to Amphastar's distribution is expected to be completed for most countries by the end of Q3 2024, with final transitions likely in Q4 or early 2025 [48] Question: Supply dynamics for lidocaine and phytonadione [49] - Competitor supply issues are expected to ease in Q4 2024, potentially impacting sales of certain products [50] - The company has increased production capacity to better respond to market shortages and demand fluctuations [50]

Financial Position - Total current assets as of June 30, 2024, are $482,645,000, a decrease from $489,600,000 as of December 31, 2023[18] - Total liabilities decreased to $778,176,000 from $873,491,000, a reduction of 10.9%[19] - The company reported total assets of $1,491,522,000 as of June 30, 2024, down from $1,512,912,000 at the end of 2023[18] - Total equity increased to $713,346,000 from $639,421,000, marking a rise of 11.5%[20] - The current portion of long-term debt decreased to $249,000 from $436,000, a decline of 42.8%[19] - As of June 30, 2024, the total debt stood at $599,741 thousand, a slight decrease from $603,790 thousand on December 31, 2023[113] Revenue and Income - Total net revenues for the three months ended June 30, 2024, were $182,394 thousand, a 25.1% increase from $145,712 thousand for the same period in 2023[21] - Net income for the three months ended June 30, 2024, was $37,949 thousand, a 45.2% increase compared to $26,124 thousand for the same period in 2023[24] - Basic net income per share for the three months ended June 30, 2024, was $0.77, up from $0.54 for the same period in 2023, indicating a 42.6% increase[21] - Total net revenues for the six months ended June 30, 2024, reached $354,230 thousand, compared to $285,734 thousand for the same period in 2023, indicating a 24.0% increase[21] - Net income for the six months ended June 30, 2024, was $81,126, compared to $52,156 for the same period in 2023, representing a 55.6% increase[29] Expenses - Operating expenses for the three months ended June 30, 2024, totaled $39,949 thousand, an increase from $35,842 thousand in the same period of 2023, reflecting an 8.6% rise[21] - Research and development expenses increased to $17,652 thousand for the three months ended June 30, 2024, up from $16,843 thousand in the same period of 2023, representing a 4.8% increase[21] - Selling, distribution, and marketing expenses increased by 34% to $9,012, primarily due to expanded marketing efforts for BAQSIMI®[186] - Research and development expenses totaled $17,652, a 5% increase from $16,843, mainly due to higher salary and personnel-related costs[187] Cash Flow - Net cash provided by operating activities increased to $124,400 for the six months ended June 30, 2024, up from $95,305 in the prior year, reflecting a 30.6% growth[29] - The company experienced a net cash used in investing activities of $54,666 for the six months ended June 30, 2024, compared to $514,915 in the previous year, indicating a substantial decrease in cash outflow[29] - The company reported a principal payment of $8,107 on long-term debt for the six months ended June 30, 2024, compared to $68,432 in the prior year, showing a significant reduction in debt repayment[29] Acquisitions and Investments - The acquisition of BAQSIMI® resulted in a cash outflow of $129,000, compared to $500,829 in the previous year, indicating a significant reduction in investment[29] - The total purchase price for the BAQSIMI® acquisition was allocated to acquired assets totaling $628.1 million, with $591.3 million attributed to BAQSIMI® product rights[60] - The Company has not triggered any sales milestones for additional contingent consideration of up to $575.0 million related to the BAQSIMI® acquisition as of June 30, 2024[61] Market and Product Performance - The company anticipates increased revenues from the newly acquired product BAQSIMI®[15] - Finished pharmaceutical products segment net revenues for the three months ended June 30, 2024, were $178.9 million, up from $142.9 million in the same period of 2023, reflecting a growth of 25.2%[83] - Sales of epinephrine surged by 47% to $54.05 million, driven by increased unit volumes due to competitor shortages[195] - The company manufactures and sells over 25 products, with major products including BAQSIMI®, Primatene MIST®, and glucagon[166] Shareholder Actions - The Company repurchased 207,288 shares for a total of $8.5 million during the three months ended June 30, 2024, compared to 3,585 shares for $0.1 million in the same period of 2023[132] - The Board of Directors authorized a $50.0 million increase to the share buyback program, bringing the total authorized amount to $335.0 million since inception[136] Tax and Regulatory - The income tax provision for the three months ended June 30, 2024, was $12,294 thousand, resulting in an effective tax rate of 24.5%, up from 19.5% in the same period of 2023[129] - The effective tax rate rose to 24% from 19%, influenced by changes in pre-tax income and timing of discrete tax items[192] Strategic Initiatives - The company is focused on expanding internationally and integrating new assets, including BAQSIMI®[15] - The FDA approved the company's Albuterol Sulfate Inhalation Aerosol in May 2024, with plans to launch in Q3 2024[169] - The company has made several strategic acquisitions to enhance its manufacturing and R&D capabilities[167] Economic Environment - Recent macroeconomic conditions, including inflation and geopolitical conflicts, pose challenges to the company's business operations[168]

Amphastar Pharmaceuticals (AMPH) came out with quarterly earnings of $0.94 per share, beating the Zacks Consensus Estimate of $0.78 per share. This compares to earnings of $0.65 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 20.51%. A quarter ago, it was expected that this specialty pharmaceutical company would post earnings of $0.77 per share when it actually produced earnings of $1.04, delivering a surprise of 35.06%.Over t ...

EXHIBIT 99.1 Amphastar Pharmaceuticals Reports Financial Results for the Three Months Ended June 30, 2024 Reports Net Revenues of $182.4 Million for the Three Months Ended June 30, 2024 RANCHO CUCAMONGA, CA – August 7, 2024 – Amphastar Pharmaceuticals, Inc. (NASDAQ: AMPH) ("Amphastar" or the "Company") today reported results for the three months ended June 30, 2024. Second Quarter Highlights ● Net revenues of $182.4 million for the second quarter ● GAAP net income of $37.9 million, or $0.73 per share, for t ...